The global bearing market size was valued at USD 111.59 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.6% from 2023 to 2030. Bearings are virtually used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. This factor is projected to drive the market in near future. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life. Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market. For instance, the rising application of high-capacity products in wind turbines is expected to catapult the demand. Wind turbines utilize these products to enhance turbine performance and reliability, increase energy production, and reduce lubricant consumption.
Manufacturers constantly work on improving product designs to increase performance and energy efficiency. They use a special material for raceways, cages, and rolling elements as well as redesigned raceway profiles. Furthermore, technological advancements in seal and lubrication technologies and the use of lightweight materials in high-performance products are generating huge prospects for manufacturers. Integration of electro-mechanical features directly into the bearings helps in performance improvement and reductions in size and cost.
Rising demand for high-performance bearings has resulted in manufacturers integrating advanced sensor units in their products. The sensor units assist in the digital monitoring of axial movement, deceleration, acceleration, rotation speed, and load-carrying capacity of the product. Additionally, the advent of the Agricultural Internet of Things (IoT) has encouraged the adoption and constant monitoring of connected equipment and machinery. This trend has also influenced the market positively.
A few key suppliers have started providing smart bearings, whose conditions can be constantly monitored to predict faults before they occur. The adoption of these products is still in the nascent stage. Several other major manufacturers are likely to offer in their portfolios in near future. As it is easy to predict the faults in smart bearings before they occur, they add considerable value by reducing the cost of unexpected downtime, which is projected to surge the espousal of these products during the forecast period.
The coronavirus pandemic has had a significant impact on the market with many manufacturing companies facing adverse effects of lockdown situations in major economies such as China, and Japan, among several others. The automotive industry, which is the largest consumer of bearing among all the other industries, witnessed a substantial reduction in vehicle production primarily owing to supply chain disruptions and restrictions on the movement of people. However, the conditions improved in the later quarters of 2020 with gradual upliftment of restrictions and subsequent increases in production activities. Moreover, the rollout of the coronavirus vaccine across the globe is further anticipated to strengthen the market growth over the forecast period.
Based on product, the bearings market is segmented into ball, roller, plain bearing, and others. The roller bearings segment accounted for the largest revenue share of more than 47.37% in 2022. The segment is also estimated to continue its supremacy and emerge as the fastest-growing segment in the coming years. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact product demand.
The report also covers the ball and other bearings. Ball bearings have a smaller surface contact, and therefore, help to reduce friction to a great extent. They can also be used with thrust and radial loadings, ascribed to which, these products are increasingly being used in both four and two-wheeled automobiles. Hence the segment is anticipated to witness healthy growth over the forecast period.
Plain bearings, also known as sleeve bearings, are the most preliminary type of bearings with no rolling components. They are used for sliding, oscillating, rotating, and reciprocating motions. In sliding applications, they are used as bearing strips, slide bearings, and wear plates. Due to greater contact area and conformability, plain bearings offer greater resistance to high shock loads and load capacity as compared to roller bearings. Such benefits offered over their counterparts make plain bearing a preferred option in applications where greater resistance to damage from oscillatory movements is requisite. The demand for plain bearings is expected to register a steady growth rate over the forecast period.
In 2022, the automotive segment dominated the market and accounted for 49.72% of the market share. The high share of this segment can be attributed to high automotive production, globally. Also, the demand for vehicles with technologically advanced solutions is escalating, thus, leading to rise in vehicle manufacturing that necessitates instrumented products. The growth in demand for highly advanced vehicles and the subsequent increase in the capabilities of the vehicles has escalated the demand for bearing in the automotive industry. Additionally, the automotive aftermarket segment is also anticipated to boost at a subsequently higher CAGR over the forecast period, thereby further bolstering the demand for bearings.
The railway and aerospace segment is anticipated to emerge as the fastest-growing segment by 2030. This growth can be attributed to growing interest in travel activities, the growing need to renew aging fleets owing to stringent environmental legislation, and fuel price pressure coupled with the availability of improved ways to assist global and local transportation systems. Demand from the railway segment is also anticipated to rise on account of accelerated railway construction in developing countries. Further, surging demand for small single-aisle aircraft and helicopters from emerging economies is anticipated further drive the growth of the segment.
Asia Pacific dominated the market and accounted for a revenue share of 40.42% in 2022. The region is also anticipated to witness the fastest growth in terms of revenue, accounting for over USD 98.68 billion by 2030. China is one of the major markets, and sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair. Moreover, the robust construction and mining equipment market in India is estimated to facilitate market growth through 2030.
In Europe, the market is anticipated to witness favorable growth during the forecast period, owing to sustainable economic growth and increased investment. Furthermore, in the mature markets of the U.S., Western Europe, and Japan, the demand is driven by the rebounding production of motor vehicles and a healthy fixed investment environment. Increased sales of high-value bearings, such as large-diameter, custom-built used in heavy machinery, and wind turbines are also expected to drive the market in North America. In the Middle East and Africa, the rapid development of city infrastructures is positively influencing overall growth.
Key companies are increasingly emphasizing R&D projects to manufacture application-specific bearings and to increase their efficiency. Also, companies are undertaking various strategies such as partnerships, mergers, collaborations, capacity expansions, among others, to capture a higher share in the market and to increase their customer base. Intense competition has led manufacturers to invest in product developments and expansion of production to better cater to customer requirements. For instance, in September 2020, NTN Corporation announced the expansion of production and delivery of deep groove ball bearings specifically developed for electric vehicles (EVs) and hybrid electric vehicles (HEVs). Moreover, in June 2021, JTEKT Corporation developed ball bearings with high muddy water-resistance seals for agricultural machinery. With such advancements, these machineries are now able to operate in harsh working environments too. Some of the prominent players in the bearing market include:
Brammer PLC
Harbin Bearing Manufacturing Co., Ltd.
HKT Bearings Ltd.
JTEKT Corporation
NBI Bearings Europe
NSK Global
NTN Corporation
RBC Bearings Inc.
Rexnord Corporation
RHP Bearings
Schaeffler Group
SKF Corporation
The Timken Company
Report Attribute |
Details |
Market size value in 2023 |
USD 120.98 billion |
Revenue forecast in 2030 |
USD 226.60 billion |
Growth rate |
CAGR of 10.6% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2017 - 2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD Billion and CAGR from 2023 to 2030 |
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered |
Product, Application, and Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country scope |
U.S.; Canada; Western Europe (UK; Germany; France; Italy) Eastern Europe (Russia); China; India; Japan; Brazil; Mexico |
Key companies profiled |
Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, and NSK Global., NTN Corporation, RBC Bearings Inc., Rexnord, Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, and The Timken Company |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global bearing market report based on product, application, and region:
Bearings Product Outlook (Revenue, USD Billion; 2017 - 2030)
Ball Bearings
Deep Groove Bearings
Others
Roller Bearings
Split
Tapered
Others
Plain Bearings
Journal Plain Bearings
Linear Plain Bearings
Thrust Plain Bearings
Others
Others
Bearings Application Outlook (Revenue, USD Billion; 2017 - 2030)
Automotive
Agriculture
Electrical
Mining & Construction
Railway & Aerospace
Automotive Aftermarket
Others
Bearings Regional Outlook (Revenue, USD Billion; 2017 - 2030)
North America
U.S.
Canada
Europe
Western Europe
U.K.
Germany
France
Italy
Eastern Europe
Russia
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
b. The global bearing market size was estimated at USD 111.59 billion in 2022 and is expected to reach USD 120.98 billion in 2023.
b. The global bearing market is expected to advance at a compound annual growth rate of 10.6% from 2023 to 2030 to reach USD 226.6 billion by 2030.
b. The roller bearings segment dominated the global market and accounted for the largest revenue share of more than 47.37% in 2022. Further, this segment is also anticipated to continue its dominance and emerge as the fastest-growing segment by 2030.
b. The automotive segment dominated the bearing market and held the largest revenue share of approximately 49.72% in 2022. The substantial share of this segment can be attributed to high automotive production globally.
b. The Asia Pacific dominated the bearing market and accounted for the largest revenue share of 40.42% in 2022. The region is projected to observe the fastest growth in terms of revenue, accounting for over USD 98.68 billion by 2030.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
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